Free help with homework

Why join Brainly?

  • ask questions about your assignment
  • get answers with explanations
  • find similar questions

Shikha deposited Rs 2000 in a bank which pays 6% simple interest. She withdrew Rs 700 at the end of the first year. What will be her balance after 3 years




Rate of interest is given as 6% and Principle amount as Rs2000

Interest after 1 year= P*R*T/100 = 2000*6*1/100 = Rs 120

Net amount at the end of first year= Principle+ interest-Amount withdrawn=2000+120-700= Rs 1420

For the next 2 years, simple interest will be paid at the rate of 6% on the amount of Rs 1420 which is = 1420*6*2/100 =Rs 170.40

Balance after 3 years= 1420+170.40=Rs 1590.40

1 5 1
Interest in the first yr=2000*1*6/100=120
so amt after one yr=2120

700 is paid back ,
so remaining amt is 1420
after two years interest  will be 1420*6*2/100=170.4

so the balance will be 1420+170.4=1590.40
1 3 1
The Brain
  • The Brain
  • Helper
Not sure about the answer?
Learn more with Brainly!
Having trouble with your homework?
Get free help!
  • 80% of questions are answered in under 10 minutes
  • Answers come with explanations, so that you can learn
  • Answer quality is ensured by our experts